Rivian has initiated a round of substantial price reductions in Canada and the US across its 2023 and 2024 models of R1S and R1T in existing inventory. The price cuts aren’t to the base price of the vehicles themselves, but rather to the optional upgrades like the drive system and battery pack.
Canadian Price Drops
In Canada the Quad-Motor upgrade has been reduced from $12,500 to $8,000 when buying a 2023 model from inventory, instead of ordering a custom build. The 2024 R1T Quad-Motor has seen a smaller price drop, down to $11,000 when buying from existing inventory.
The R1S Quad-Motor has seen even bigger price drops. 2024 models have this option priced at just $5,000, instead of $12,500 when ordering new. Strangely, the Quad-Motor upgrade is $8,000 on 2023 models.
The biggest price drop for Canada goes to the Large Battery Pack, with is priced at just $6,000 and $5,500 on the 2024 R1T and R1S respectively, a more than 50% reduction compared to $14,500 in Rivian’s Vehicle Studio. The same option on the 2023 R1S is just $2,500, and $3,000 on the 2023 R1T.
These price cuts in Canada come just over one week after Rivian opened their R1 Shop in Canada to all customers, offering delivery in as little as one week. Previously only those with an existing reservation could purchase a R1T or R1S from existing inventory.
| Model & Year | Option | Original Price | New Price from Inventory | $ Change | % Change |
|---|---|---|---|---|---|
| 2023 R1T Quad-Motor | Quad-Motor Upgrade | $12,500 | $8,000 | -$4,500 | -36% |
| 2024 R1T Quad-Motor | Quad-Motor Upgrade | $12,500 | $11,000 | -$1,500 | -12% |
| 2023 R1S Quad-Motor | Quad-Motor Upgrade | $12,500 | $8,000 | -$4,500 | -36% |
| 2024 R1S Quad-Motor | Quad-Motor Upgrade | $12,500 | $5,000 | -$7,500 | -60% |
| 2024 R1T | Large Battery Pack | $14,500 | $6,000 | -$8,500 | -59% |
| 2024 R1S | Large Battery Pack | $14,500 | $5,500 | -$9,000 | -62% |
| 2023 R1S | Large Battery Pack | $14,500 | $2,500 | -$12,000 | -83% |
| 2023 R1T | Large Battery Pack | $14,500 | $3,000 | -$11,500 | -79% |
US Price Drops
There have also been substantial price cuts in the US. The R1S with a Quad-Motor upgrade is now just $6,000 extra, as opposed to $8,000 when placing a custom order with the same configuration. The Large battery option now costs $7,100, down from $9,100 in the configurator, while the Max battery has also seen a significant reduction from $19,100 to $15,100.
The R1T model has also seen pricing adjustments. The Performance Dual-Motor upgrade is now available for free, a substantial drop from its previous $5,000 cost. Additionally, the price for the Large battery configuration has been lowered to $5,100 from $9,100.
Not to be left out, the 2024 R1T has also been subject the price decreases. The Large battery now costs $3,100 on Dual-Motor setups—a significant decrease from $9,100. The same battery on Performance Dual-Motor and Quad-Motor configurations for the 2024 model is priced at $5,100, down from $9,100.
| Model & Year | Option | Original Price | New Price from Inventory | $ Change | % Change |
|---|---|---|---|---|---|
| 2023/2024 R1S | Quad-Motor Upgrade | $8,000 | $6,000 | -$2,000 | -25% |
| 2023/2024 R1S | Large Battery | $9,100 | $7,100 | -$2,000 | -22% |
| 2023/2024 R1S | Max Battery | $19,100 | $15,100 | -$4,000 | -21% |
| 2023 R1T | Performance Dual-Motor | $5,000 | Free | -$5,000 | -100% |
| 2023 R1T | Large Battery | $9,100 | $5,100 | -$4,000 | -44% |
| 2024 R1T | Large Battery (Dual-Motor) | $9,100 | $3,100 | -$6,000 | -66% |
| 2024 R1T | Large Battery (Performance Dual-Motor and Quad-Motor) | $9,100 | $5,100 | -$4,000 | -44% |
